Fraport (ots) - Despite difficult conditions for the entire air
transport industry, according to preliminary figures Fraport AG's
fiscal year 2001 revenues grew 2.9 percent to over Euro 1,580 million
and net income reached Euro 101.1 million for the year. Earnings
before interest, tax, depreciation and amortization (EBITDA) exceeded
Euro 507 million, only about five percent below the previous year's
figure. Extraordinary income was offset by a number of unscheduled
writedowns on financial assets.
The air transport industry was considerably marked by the effects
of the September 11 events. Add to this the financial consequences
of the Lufthansa pilot strike. In particular, the cargo sector was
affected by the weak domestic business activity and the economic
slowdown of important international markets.
Irrespective of these challenges, the most important location of
the group -- Frankfurt Airport -- recorded about 48.6 million
passengers in 2001, only 1.6 percent down from the previous year. The
double-figure monthly rates of decline after the attacks in the U.S.
have shrunk once again, thanks to a noticeable increase in travel
demand. In February 2002, the rate of decline in passenger traffic
slowed to -3.2 percent. Once again, 2001 showed that large hub
airports like Frankfurt are definitely less affected than smaller
airports by route cancellations and other airline reactions
implemented during times of crisis.
Fraport AG did not react to the temporary decline in traffic
figures with layoffs or reduced working hours. In contrast to some
other companies, there have not been any job layoffs due to
operational reasons. The company's initial public offering (IPO) on
June 11, 2001, has markedly improved Fraport AG's balance sheet: The
major part of net proceeds, in the approximate amount of Euro 863
million, were invested in a special fund. Debts were reduced by over
Euro 350 million.
An essential item in non-recurring income was the reduction of
provisions for environmental reserves at Frankfurt, amounting to a
total of Euro 22.2 million. In addition, soil cleanup performed in
previous years has resulted in a claim against the State of Hesse in
the amount of Euro 23 million.
A Euro 59.8 million write-down on loans to associated companies
refers to loans and shareholders' advances to the Philippine company
involved in the Manila Airport terminal project. The commitment to
construct and operate the airport terminal in the Philippine capital
is currently Fraport AG's largest and most important activity outside
Frankfurt Airport. Construction progress is on schedule.
Extraordinary write-downs were made because of a lowered forecast for
future traffic volume in the region and because duty-free proceeds
from the project are anticipated to be lower than originally
Fraport will present its final and detailed figures for fiscal
year 2001 at the annual financial press conference in Frankfurt on
ots Originaltext: Fraport AG
Fraport AG Frankfurt Airport Services Worldwide
Attn: Robert A. Payne - Manager International Press
D-60547 Frankfurt am Main
Tel. +49/69/690-78547 (with voice mailbox)
Internet: www.fraport.de (click on "Press Lounge")